According to a statement by the NNPC, Former Group Managing Directors of the Nigerian National Petroleum Corporation, NNPC, weekend, called for an upward review of the price of Premium Motor Spirit, also known as petrol, stating that the present price cap of N145 per litre is not in line with current economic realities.
The Former Group Managing Directors (GMD) stated this at a one-day meeting with the Group Managing Director of the NNPC, Dr. Maikanti Kacalla Baru and the immediate past GMD and current Minister of State for Petroleum Resources, Mr. Ibe Kachikwu in Abuja.
The former GMDs said the PMS price cap of N145 per litre is not congruent with the liberalization policy especially with the foreign exchange rate and other price determining components such as crude cost, Nigerian Ports Authority (NPA) charges, among others, remaining uncapped.
They, however, commended the NNPC for resolving the fuel supply crisis and urged the Corporation to put measures in place that would ensure sustenance of seamless supply of petroleum products nationwide.
They also advised that the country’s refineries be rejuvenated using the Original Equipment Manufacturers (OEMs), adding that the refineries must be restructured to operate as an Incorporated Joint venture (IJV) similar to the Nigerian Liquefied Natural Gas (NLNG) model with credible partners having requisite technical and financial capabilities.
FORMER NNPC GMDs CALLS FOR INCREASE IN FUEL PRICE
